'Research is key' for aspiring landlords

Indeed, just as any aspiring entrepreneur would look at a given market, consider its potential and research strategies that have proved most effective in the past, one expert believes that any aspiring landlords should do the same.

"Do your research. Market knowledge is absolutely fundamental to buying into the private rented sector, but nonetheless you have to be absolutely sure of the tenancy market," said Alan Ward, chairman of the Residential Landlords' Association.

While landlord insurance policies, tenancy deposit schemes and residential letting agents will all prove either essential or helpful later, it seems vital that making the right investment choices is key to a successful start in the lettings game.

Whether it's buying assets in areas that are well known for high levels of demand - or regions that have tended to offer the best returns over the past few years - research may be the ideal way to ensure first-time landlords do not make any rash decisions that could prove costly in the long run.

"Technical knowledge is needed [if you intend on] being a landlord as an investor in the private rented sector," Mr Ward added.

Given that the Royal Institute of Chartered Surveyors (RICS) recently predicted that conditions in the lettings game are set to remain favourable for the foreseeable future, it appears that those who are planning on investing in buy-to-let properties could maximise their chances of profit by first doing the correct research.

"The rental market is still fairly buoyant and this looks likely to continue, given the challenges facing the sales market," said Peter Bolton King, the RICS global residential director.

If demand remains high and continues to outstrip supply, conditions in the buy-to-sector look set to remain favourable providing first-time landlords do their homework before making significant investment decisions.